High-emitting companies spent more than $1 billion on carbon allowances in California and Quebec’s most recent carbon auction, the second since the two jurisdictions linked their cap-and-trade programs.
The California Air Resources Board said participants in the Feb. 18 auction paid $12.21 per credit to emit CO2 this year and $12.10 per credit to use in 2018. Each credit allows buyers to emit one ton of carbon.
The auction sold out of some 73.6 millions 2015 credits and 10.4 million 2018 credits.
California and Quebec’s first joint carbon auction raised about $407 million, selling out of all 33.8 million carbon allowances.